Get the free version of Marbridge Daily delivered to your inbox

Click here to subscribe

Oppo Invests in Mobile Electric Vehicle Rental Platform PonyCar

Tencent Tech, 6/13/17

Shenzhen-based Letuhui Technology, operator of mobile electric vehicle rental platform PonyCar, has completed RMB 150 mln in Series B funding from Huiyou Investment Mangament and handset vendor Oppo. The funds have already been received by the company, according to PonyCar founder Liu Yixun.

According to PonyCar spokesperson Lin Zhongjie, PonyCar calculates the cost of a trip according to the mileage plus time spent. Daytime trips are calculated at RMB 0.78 per kilometer + RMB 0.12 per minute, while trips between 8:00pm and 8:00am are calculated at RMB 0.78 per kilometer + RMB 0.02 per minute.

Currently, PonyCar's profit model is primarily based on deposits, car rentals, and advertisements on the body and interior of cars.

PonyCar is currently concentrated in Shenzhen and Guangzhou, and has already put 2,000 cars into circulation in addition to hundreds of car-charging outlets. Each car generates approximately RMB 150 in revenue per day.

Users can find nearby vehicles through the platform's mobile app or public account on Tencent's (0700.HK) WeChat mobile messaging app, and can then reserve and rent vehicles by the hour.

Editor's Note: Chinese media organization 36Kr (link in Chinese only) reports that China Peakedness also participated in PonyCar’s Series B funding round. 36Kr said that PonyCar will now work to enter Beijing and Shanghai, as well as 10 second-tier cities.

Keywords: Letuhui Huiyou Lin Zhongjie business model vehicle rental app funding wireless Oppo Series B electric vehicle PonyCar mobile application Liu Yixun

Feedback

Please note, all fields are required.
None of your personal information will be shared with third parties.

SendingSending

Disclaimer

The information contained in this newsletter is based upon sources that Marbridge Consulting believes to be reliable, and we have made every effort to translate the original articles or article excerpts as faithfully as possible. However, Marbridge Consulting makes no warranty of and assumes no legal responsibility for the accuracy of either the original source material or the English language translations.

Marbridge Daily Premium

Interested in gaining full access to all newsletter articles and the Marbridge Daily archive? To learn more about premium subscription options, including pricing, please:

Click here

Marbridge Consulting RSS Feed

Marbridge Reports